Ponzi Finance，即庞氏融资，是指债务人的现金流既不能覆盖本金，也不能覆盖利息，债务人只能靠出售资产或者再借新钱来履行支付承诺的融资。

庞氏融资盛行，将造成资产价值永远上升的错觉，一旦资产泡沫破裂，庞氏融资难以为继，投资型融资也戛然而止，甚至多米诺效应波及正常融资活动，金融体系的信用冻结，流动性消失。

Ponzi Scheme，即庞氏骗局，是对金融领域投资诈骗的称呼，是金字塔骗局（Pyramid scheme）的始祖。在中国庞氏骗局又称“拆东墙补西墙”或“空手套白狼”。简言之就是利用新投资人的钱来向老投资者支付利息和短期回报，以制造赚钱的假象，进而骗取更多的投资。很多非法的传销集团就是用这一招聚敛钱财的。

参考双语例句：

Examples of such fraud may include transfers by a debtor of substantially all of its assets to a newly formed entity or to self-owned separate entities for the purpose of preserving and conserving those assets for its own benefit and to hinder, delay and defraud its creditors, simulation35 or Ponzi36 and other such fraudulent schemes.

这类欺诈的实例包括：债务人几乎将其所有资产转移至某个新设立的实体或其自身拥有的不同实体，目的是为了自己的利益而保全和保留这些资产；对其债权人进行阻挠、拖延和欺诈；设局假冒35 或庞氏骗局36和此类其他欺诈计划。

Problems of various types have arisen over the years, including the scandal of Shanghai's social security fund in the Mainland involving $3.7 billion; Bernard MADOFF, the former chairman of Nasdaq stock exchange, through the operation of a Ponzi scheme, had successfully defrauded HSBC and Fortis Bank, causing them to lose over US$1 billion.

过去多年以来，发生各种问题，包括内地上海社保基金遭挪用，所涉及的金额高达37亿元；前纳斯达克主席马多夫以庞氏骗局的手法，成功诱骗汇丰银行及富通银行等，他们的损失亦高达10亿美元以上。

Post or transmit any advertisements, solicitations, chain letters, pyramid or Ponzi schemes, investment opportunities or schemes, or other unsolicited commercial communication (except as otherwise expressly permitted by Logitech), or engage in spamming, phishing, or denial of service attacks logitech.com

发布或传播任何广告、招揽、连锁信、金字塔或庞氏(Ponzi)骗局、投资机遇或计划、或其他未经请求的商务交流（经罗技明确允许的除外）、或参与发送垃圾邮件、网络钓鱼、或拒绝服务攻击。

The great majority (if not all) of these "investments" are Ponzi schemes in which the investments of new participants are paid to the earlier participants as a way to encourage them to spread the word about the investment.

这些“投资”主要(或者全部)是“庞氏骗局”，即运用投资案的新进参与者，支付先前參与者的方式，鼓励他们流传投资案的消息。